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Stock futures steady following March jobs report

Yahoo Finance Live’s Jared Blikre breaks down how stock futures are moving following the release of the March jobs report.

Video Transcript


All right, let's recap the jobs numbers here. 236,000 jobs added to the US economy last month. Unemployment, 3 and 1/2 average hourly wages, a year over year basis. 4.2%, 236,000 jobs. That was a headline there. Some cooling here when you compare it to the prior month, which was over 300,000 there. Question though, whether or not it's enough improvement for the Fed.

Yahoo Finance's Jared Blikre standing by at the YFi Interactive. And Jared, we're seeing some movement here within the futures.


JARED BLIKRE: Yes, we are. And as you can see the NASDAQ down just slightly. But the S&P 500 and the Dow slightly in the green. Not expecting a whole lot of movement today. And that's because the main markets are closed. We're just dealing with equity futures right now, as well as bond market futures. But almost everything is going to get priced in on Monday. So this happens once every few years. Interesting scenario.

But here's what we're working with. NASDAQ did spike up. We also saw a little bit of a dip here. And it's basically right back to where we saw it right when the report was getting dropped. And then if you take a look at the Dow, you can see it spiked up and it's holding on to some of those gains.

But let me just show you what's happened over the last few days. This week, just kind of a drop in the bucket given the week's range and not really making any waves here. Let me take a look at the treasury market as well. We do have treasury futures open. And it is not a bond market holiday. We do have the bond market open, so be interesting to track that as well.

And you can see the 10-year treasury note futures heading sharply down here. That means the rates are going up. And I think that's kind of pricing in the fact that we might get that 25 basis point hike in May. Those odds going up to 2 and 3-- 2 out of 3 that are being priced in the swaps market right now.

Also going to show you the two-year treasury note, and that is down by a little bit less. So we actually have the twos, 10s spread. That's the yield curve getting more inverted than it was yesterday. So that's something to keep track of as well.

And let me just show you what happened this week. This is what happened in the sector action. It's been very defensive. Utilities and health care, those were the two leading sectors. We'll have to see what gets priced in Monday guys.